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The right time to Increase De Beers stake: Botswana’s mines minister

Botswana’s mines minister Bogolo Kenewendo says it’s “absolutely” the right time to discuss the government increasing its 15 per cent stake in De Beers.

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She indicated that Anglo American, which owns the other 85 per cent of De Beers, was moving closer to an initial public offering (IPO) and that Botswana was pushing for a larger stake. 

Anglo announced last week that it was likely to write down the value of De Beers from its current $7.6bn, as a result of persistent weak diamond demand, especially in China.

Botswana’s diamond, which accounts for over 70 per cent of the country’s export earnings, has been severely hit by the global slump in demand.

In the last nine months of 2024 Debswana – its 50/50 joint venture with De Beers it sold $1.53bn of rough, down 52 per cent on the same period in 2023.

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DiamondBuzz

Botswana and Angola Join WFDB As Nation Affiliate Members At Recently Concluded WFDB Summit

Bharat Diamond Bourse Postal Stamp Presented to Hon. Bogolo Joy Kenewendo. Minister Of Minerals and Energy, Botswana

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Mehul Shah, Vice President of the Bharat Diamond Bourse, presented the official stamp released by the Department of Posts, Government of India, to Hon. Bogolo Joy Kenewendo, Minister of Minerals and Energy, Republic of Botswana, during his visit where he represented the Indian Diamond Industry at the World Federation of Diamond Bourses (WFDB) Summit. Honorable Minister showed heartfelt appreciation during the presentation and reiterated the excellent relationship the Republic of Botswana shares with India.

On the Summit, Mehul Shah opined:

“I am very happy that Botswana and Angola have joined the WFDB as Nation Affiliated Members, broadening the Federation’s international representation and deepening engagement between producing countries and the global manufacturing community. It was also a pleasure to meet Hon. Minister of Minerals and Energy Ms Kenewendo and present her the Bharat Diamond Bourse Stamp.”

The World Federation of Diamond Bourses (WFDB) concluded its International Summit in Gaborone, Botswana. The summit brought together senior government representatives, industry leaders and stakeholders from across the global natural diamond value chain to examine the sector’s future amid shifting market dynamics and evolving consumer expectations.

Held in collaboration with Botswana’s Ministry of Minerals and Energy under the theme “Nation-Building and the Future of Responsible Luxury”, the summit focused on the long-term positioning of natural diamonds, including provenance, beneficiation, transparency, sustainability and value creation across producing nations and trading centers. The gathering sought to reinforce consumer confidence and strengthen the value proposition of natural diamonds within an increasingly competitive luxury landscape.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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